Long-term fund sales in Europe (excluding money market funds) nudged up slightly to EUR18.5bn in August from those posted last month (EUR15.5bn), bringing the year-to-date total for these funds to EUR103.4bn, according to Ed Moisson, head of UK and cross-border research at Lipper.
Including money market funds, the picture looks rosier, with net sales of EUR24.4bn for the month and a year-to-date total of EUR111.3bn.
Bond funds enjoyed inflows of EUR20.8bn, only slightly down on July’s record-breaking total. While outflows from equity funds worsened this month, the total was still less bad than that achieved each month from April to June – let along the massive outflows suffered over the second half of 2011.
Investors again show no sign of backing away from high yield bond products with inflows of EUR5.7bn across different currencies.
Flows into absolute return funds improved again this month to EUR2.4bn, up from EUR1.7bn, bringing assets under management to EUR164.4bn for these funds.